Closed card on experian

gem4

Hi,
I had a Halifax CC a few years back for BT. When the time was up I repaid the balance. Didnt think any more, just didnt use it. When the card expired they said they wouldnt be sending me a replacement as I hadnt used it for almost 2yrs. I thought that meant they had closed the account, which was ok with me.

I got my credit report from experian the other day and the Halifax card is on there with a £3000 credit limit. (original bal was £2000 and I didnt increase it)
It does say 'settled' and the date of the last transaction is shown.

So, if it says 'settled' does this mean the card account is 'closed' or would it say something else if it was closed? Sorry if its a simple question but I cant make much sense of the credit report. If it's still open how do I get it closed?
And would the £3000 credit limit shown on there have an effect on any other credit applications I make?
Thanks

southernscouser

gem4 wrote:

Hi,
I had a Halifax CC a few years back for BT. When the time was up I repaid the balance. Didnt think any more, just didnt use it. When the card expired they said they wouldnt be sending me a replacement as I hadnt used it for almost 2yrs. I thought that meant they had closed the account, which was ok with me.

I got my credit report from experian the other day and the Halifax card is on there with a £3000 credit limit. (original bal was £2000 and I didnt increase it)
It does say 'settled' and the date of the last transaction is shown.

So, if it says 'settled' does this mean the card account is 'closed' or would it say something else if it was closed? Sorry if its a simple question but I cant make much sense of the credit report. If it's still open how do I get it closed?
And would the £3000 credit limit shown on there have an effect on any other credit applications I make?
Thanks

Hi gem!

Settled means the account is now closed. It should also give you a date next to it which tells you when it was closed.

If it didn't say "settled" the £3,000 could have an adverse reaction to possible lenders as to them you have £3,000 more of potential debt. I got a credit report in December and saw that 3 accounts were still open. Phoned them up to ask why and it was because they owed me a combined total of 13p! :rotfl:

Anyway the credit limits came to about £10,000! since closing them properly I have just been accepted for a new 0% card whereas before I kept on getting rejected! :j

Experian_company_representative

Settled accounts are kept on your credit report for six years from the data of settlement and if you made all your payments on time this information may help you get further credit in the future.

Dave_the_Ginger_Cat

Do also make an effort to close accounts that you no longer use, particularly if you move house.

This helps you to protect your own data, and helps lenders to assess the available credit that you have open to you.

DTGY

The_Boss

Adding to what Dave said, if you close them, it means you can also apply for any 'new customer offers' at a later date from the same lender. I'd wait at least 6 months for that though.